晨光股份(603899)：聚焦产品力与全渠道布局 文具龙头稳中求进

Core Insights - In 2024, the company achieved a revenue of 24.228 billion yuan, a year-on-year increase of 3.76%, while the net profit attributable to shareholders was 1.396 billion yuan, a decrease of 8.58% [1] - The company is focusing on enhancing product capabilities and optimizing its multi-channel layout, with traditional business showing steady growth despite external pressures [5] Revenue Performance - The company's traditional core business, excluding certain segments, generated approximately 7.774 billion yuan, reflecting a slight decline of about 1% year-on-year [2] - In Q4 2024, the company reported a revenue of 7.114 billion yuan, down 5.04% year-on-year, and a net profit of 374 million yuan, down 13.50% [1] Retail Expansion - The company’s retail business, including the "Morning Light Living Hall" and "Jiumu Miscellaneous Society," generated 1.479 billion yuan in revenue, marking a 10% increase year-on-year [3] - As of 2024, the company operated 779 retail stores nationwide, an increase of 120 stores compared to the previous year [3] Product Segmentation - The company reported revenues of 2.429 billion yuan from writing tools, 3.471 billion yuan from student stationery, and 3.572 billion yuan from office stationery, with respective year-on-year growth rates of 6.86%, 0.14%, and 1.74% [4] - The subsidiary, Keli Pu, achieved a revenue of 13.831 billion yuan, reflecting a 4% increase year-on-year [4] Profitability Metrics - The company's gross margin for 2024 was 18.90%, an increase of 0.04 percentage points year-on-year, while the net margin was 6.00%, a decrease of 1.04 percentage points [4] - The company maintained a stable expense ratio of 11.84%, with sales, management, R&D, and financial expense ratios showing slight increases [4] Future Outlook - The company anticipates revenue growth for 2025-2027, projecting revenues of 27.504 billion yuan, 30.841 billion yuan, and 34.570 billion yuan, with net profits of 1.609 billion yuan, 1.822 billion yuan, and 2.062 billion yuan respectively [5] - The company aims to maintain a "buy" rating based on its focus on product strength and channel optimization despite facing challenges in the stationery industry [5]